Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration"

Roy Grieve

Research output: Working paperDiscussion paper

Abstract

In a recent paper Terry Peach argues that Adam Smith found no reason to limit application of the labour-embodied theory of value to the case of the "early and rude state" of society. In fact, not only that: according to Peach, Smith found a problem in employing the labour-commanded measure of value with reference to the contemporary "commercial" economy and, in order to resolve the issue, he (somewhat surreptitiously) abandoned labour-commanded and adopted instead labour-embodied as a generally valid theory of exchange value. However, we find Peach’s revolutionary "Reconsideration" to be fatally flawed - for the reason that it derives from Peach’s evident misunderstanding of what is implied by the labour-commanded measure of value.
LanguageEnglish
Place of PublicationGlasgow
PublisherUniversity of Strathclyde
Pages1-20
Number of pages20
Volume16
Publication statusPublished - 6 Sep 2016

Fingerprint

Labor
Adam Smith
Labor theory of value
Exchange value

Keywords

  • adam smith on real value
  • labour-commanded
  • labour-embodied
  • labour of acquiring

Cite this

Grieve, R. (2016). Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration". (13 ed.) (pp. 1-20). Glasgow: University of Strathclyde.
Grieve, Roy. / Adam Smith and the Labour Theory of Value : an Unconvincing "Reconsideration". 13. ed. Glasgow : University of Strathclyde, 2016. pp. 1-20
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Grieve, R 2016 'Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration"' 13 edn, University of Strathclyde, Glasgow, pp. 1-20.

Adam Smith and the Labour Theory of Value : an Unconvincing "Reconsideration". / Grieve, Roy.

13. ed. Glasgow : University of Strathclyde, 2016. p. 1-20.

Research output: Working paperDiscussion paper

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Grieve R. Adam Smith and the Labour Theory of Value: an Unconvincing "Reconsideration". 13 ed. Glasgow: University of Strathclyde. 2016 Sep 6, p. 1-20.